Dhaka: The cabinet on Monday approved in principle the draft of the 'Investment Corporation of Bangladesh (Amendment) Act, 2012' fixing face value of each ICB share at Taka 10 from the existing Taka 100.

The approval was given at a regular weekly meeting of the cabinet held at Bangladesh Secretariat with Prime Minister Sheikh Hasina in the chair.

Briefing newsmen after the meeting, Cabinet Secretary M Musharraf Hossain Bhuiyan said in the proposed law provision was kept to create a post of Deputy Managing Director (DMD) for ICB for the convenience of work.

However, proposal was also made to upgrade the post of Chief Executive Officers (CEOs) of three subsidiary companies of ICB to General Manager level.

Apart from this, the council of ministers also approved the draft of the speech of President Mohammad Zillur Rahman to be delivered at the first session of the ninth Parliament in 2013.

The cabinet secretary said the draft of the President's speech was prepared highlighting the activities of the present government during the last four years along with giving some directives to the government for the new year.

Bhuiyan said the draft of the speech of the President would be resubmitted to the cabinet later on for its final approval after inserting some directives of the cabinet.

Besides, a report on the participation of Finance Minister M A Muhit to World Economic Forum (WEF) in China in September 11-16 this year was placed in the meeting.

The finance minister, in his report apprised the council of ministers of the outcome of his meetings with Chinese leaders during the visit.

Cabinet members, advisers to the Prime Minister and state ministers concerned attended the meeting. Cabinet secretary and secretaries concerned were present.

Ends/AMA/03/12/12